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New OPEC ceiling a cut from July output: Khelil

VIENNA
Wed Sep 10, 2008 10:15am EDT

VIENNA (Reuters) - OPEC's new production allocations totaling 28.8 million barrels per day, agreed on Wednesday, represent a 520,000 bpd cut from the group's July output, OPEC President Chakib Khelil said.

Khelil said he still saw surplus oil supply building on the market by the end of the year and increasing in the first months of 2009.

He told a news conference at the end of OPEC's near five hours meeting that members will adjust output over the next 40 days.


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